Will Selloff Cause Fed To Pull the Trigger?

On Mean Street, a look at how the Fed might read into the current stock selloff. Also, Goldman's new lead director has a union's ire. Plus, Does 'The Boss' still have musical magic?

This transcript has been automatically generated and may not be 100% accurate.

... the ... it's what they call for ... yuan each tree ... I never do are well ... stocks are selling off of the first time in a very long time today ... Dow down over a hundred fifty points ... coal was down over a hundred fifty points come back a little me down and then another ... forty points ... and whose fault is all this ... you guessed it to get ready ... economics report of the Wall Street Journal in from Washington ... it's all your fault Sudeep Reddy ... are really not your fault ... but what you cover the standard ... it is an offence faults markets didn't like what the Fed to say estimated that is like a trained circus haven't already looked this the defendant ... says that they're going to leave the door open for more easing and the markets are interpreting this ... like it's can be a tightening coming out and this is why ... everyone just needs to listen very carefully what to what Denver Nanking says ... that they're in and leave rates extremely low ... through for the next two years and then decide what's going happen what I think the markets ... have become so reflexive are so addicted ... to what the Fed has to say ... I mean the economy from what we can tell me it's a more numbers out today on the I S M ... we had GDP numbers out early today which bases said ... jobs growth is plus or minus what the market expected two thousand or so private sector jobs ... created a smile to get them the jobs report on Friday ... the economic data hasn't been great ... but as the kids don't take ... it ... why are investors skittish is good ok but the reason why investors it is the reason that that is skittish because if you look at what's happened ... over the last two years in twenty ten in twenty eleven ... the jobs data start looking good beginning the year ... and it looked like we're coming out of this the market was moving up everyone is getting a little more bullish ... and ... look across the Atlantic what happened when Arion and now with Spain now has a dentist and now you're no you're beating the or the doom same drums over Spain ... is this is the sight of what I call a distraction dirty think this is real this is really ... dope almost twenty five percent on a par with the band is hit by what this is a bit like a prolonged time it means and cued Real Estate province huge fiscal problems cute Proms in the savings been sold in the air ... for years and there's nothing new here and the time has come across Europe you can see this with Greece you can see that Portugal ... with their bar and it cuts costs are thereby yields ... you seen this with Spain now and there's no way out ... we get the sign from the ECB today that they're not inclined to put ... a more inward use in the system right now and ... and why why why is Mary are drawn to the ECB more worried about inflation ... then ... burning key is that I can envisage the Davis is inflation stop the war ... the truck ... it then burning key were having to to look at the monetary policy designed it for Kansas differently as you are designing for Arizona he had ... a similar problem ... the wonder Draghi has he's got very different situations in Germany ... aam verses said Germany and France are much better off than Spain increase are rate now ... and he's got a deal is probably has a single mandate is only focused is supposed to be inflation okay let's turn to the BLS numbers jobs Friday ... are you expecting to be seen in line to jobs numbers no surprise the upside or downside it it looks like around two in two thousand years I ... mean the conventional wisdom ... that what would there ... there's really nothing more to expect we've seen all the data come in jobless ... claims are remaining low the ADP numbers to be a false signal but it shows that were probably Guinea get a lot of the same of what we had ... the last few months there could be some weather effect pushing down a little bit but ... I'm a newbie Qwerty even though wherever you are ... closer to one thousand the solstice the ... risk of double dipping to field doubled pm ... now we dont kill doubled it doesn't feel like two thousand ten and two thousand a level that we didn't have a double dip into bed tonight ... well the exact thing we still had markets dropping out because of all that the final question Sudeep Reddy ... any truth to the rumor ... that a Sudeep Reddy will be hosting ... WSJ News Hub tomorrow morning is any truth to that room ... there may be secured embedding it in a new attitude Aragones or e learning of the TV up there but that's what they call it seems ... check out Sudeep Reddy tomorrow on means not now ... over at Goldman Sachs ... it appears that what Blankfein has worked his magic yet again ... coming to some terms ... with the estimate ... is that we pronounce it was Rapaport his guitar music ... the ... union over how the board should be constructed over called sex ... and anyone at any point in the lead director that he wanted the lead director of the Testament seems to me Liz Rappaport ... the reporter from Goldman Sachs what am I missing ... I think you got it pretty much money the union ... and asks me apps me to pronounce I now ask me at the end all ... but I'm ... not that they ask me ask me it's a very large and in that put pressure on what Blankfein ... is there also were detained in investor pension funds that they put pressure on what Blankfein to reconfigure the port yes they wanted to give up his chairmanship they want to note that it's exactly he did was play ... I guess the board and he didn't wanna be demonic about the ... dual role of chairman and CEO so ... what they did as negotiators compromise of eighteen to lead director ... aam which you know it's kind of that frankly is the lowest my ... company had a slight as it was probably a lead independent director and director is just means that they were on the ... the meetings of the independent board ... members and they ... are in charge of evaluating the CEO's Compensation ... and his band and is that that is ... in charge of value in this year's performance ... so my reading to this this was a little tired of ... the Lloyd Blankfein getting ahead of all the requests ... period to step down as chairman for the Tennessee on recent developments ... really does work a deal here I am putting charge ... of the ex head of price Workers Coopers PricewaterhouseCoopers ... Shira was open to share ideas with France's main input and he's been on the board really only seen so not that he's been there for ten years now it's in there for ten years Heyes ... you know ... he was the head of their audit committee actually seen as an auditor PricewaterhouseCoopers is also Goldman Sachs Aaron has been for many years ... on the not ... mean he was the CEO of Thomas more recently of Zurich ... Financial which is an insurance company ... I he's he understands the world of financing that around the understand the world of ... of ... of school governance of of operating them in a lot of nuts and bolts issues which are fundamental to bank suspicion Wall Street that ... they are I think the question is whether he'll be more aggressive in this role and standout spare Blankfein in any media entities and the euro gains after a while in the data directory ... on the stand up when he ... needed a name like uni just kind of just ... make sure that things are running smoothly easily didn't enter it I can see can do that right but that's not different really than what ... John Ryan was before which is the presiding director for which is also kind of a similar settings that was titled as his title presiding director is very different teeny presiding director levy that are not really ... the only difference is totally any it's just it's a distinction without a difference now was that and this kind of foreign reactions stuff going on the board ... was that all a reaction to an internal dissension or is this all ... kind of ... um ... Mr. Blankfein to placate his outside investors ... I think the little bit of both I think I know that you ever try to placate outside investors this year will there ... be no was with bringing this proxy proposal to the table but no other shareholders ... have also kind of question Blankfein's leadership just given that the kind of keep getting on camera ... constantly buy into what CEO of decompress is conducting more ... I look I don't see it is not substantive stuff going on in ... but it's ... sixty eight when TransCanada no win situation when it comes to fight your battles I mean it's like anytime there's something goes wrong ... right you know it it sticks to him whereas Jamie Dynan probably up in cities like a Teflon CEO has ... no matter what goes on reaching people he's kind of isolate and the same proposal is up at J P Morgan a Jamie diamonds were ... frankly could care less so so it seems ... but it's interesting because I think there's a really big difference there to nowhere is that ... you hear a lot and Jamie diming about his opinions about the financial crisis or politics or whatever it may be your ... new regulation he never hear from like Blankfein and I think that's the wall the company's kind of hitting up against is that the PR problem ... is sort of a bunker mentality that starts from the top and there is internal dissension about that they're people you know at the top rate below the executive level of the company that think that you know that it was announced ... on ... the way of the rice is donated the way it's it's bad for business there for PRS a kid final question our new production ... I know you don't like this and ... it was fine gone anywhere in the next couple years from what you can get ... I don't think so you know they sell Liz Rappaport beat reporter for gold to ... hear how the law Street Journal coming up next ... you know Carly is did you read any of the John Le Carre spy novels ... we should of ... and if you didn't ... we have a tale for you ... coming up next ... despite master of Iran is apparently causing lots of problems for the U S and some of our allies in the Mideast ... J Solomon I think is whether the hope is in Washington Idaho where he is ... chased Tom is with those in Washington J fantastic story in The Wall Street Journal today which is a profile in effect ... of the great Iranian spy master ... are we making too much out of this or is this guy really yet ... really smart when it comes to kind of confounding America in the NetEase ... but the is pretty ... pretty adept in places like Iraq and Syria at the top U S ... military officials and ... you know most of the IDT's overkill U S soldiers inside ... inside Iraq were recovered from Iran and ... in general so the money was was seen as for the architect of this could ... leave the ... campaign begin again far afield in recent ... in recent months from the ... alleged plot to kill Saudi ambassador in Washington to these ... so the is um bombings of against a rainy about sorry Israeli ... diplomat to countries like Thailand and and a ... and in India they believe because force was involved in these plots ... in in Thailand and other places when exactly successful so it ... it seems like ... Daryl so when I ... saw my might be more up and debt would ease operating ... closer the home of ... the tickets for Sydney Iranian intelligence and operate ... operations are are are deftly global but global issue ... right ... and and as this as this individual had this post for quite some time ... to sell the money or is this ... our generous Omar's is a relatively recent development I mean ... have we known about Canada's role for a long time and why why are we all the sudden discovery more ... I think we did he is ... took over the CRT's force which is visited the overseas arm of the ... Revolutionary guards in the late nineties says he's been there for awhile and was of ... a war hero during the I eighty to eighty eight Iran Iraq war but ... it's really been since ... the U S presence in Afghanistan and Iraq so that ... could put the American forces on both sides of the Rand ... Anasta since the Arab Spring broke out and ... the US and the rain Aeon's or minister of ... competing for influence across the region with ... you know the rainy and ally President Pasha al-Assad ... Syria's sort of on the ropes that there ... are our allies whether inbox rain or ... will bar he did did he know these guys ... the boss of ... either fallen or under extreme pressure to use the ... much more sort of ... just playing now between the Iranians and Americans and our allies or influence as all these regimes that come under pressure of last year now is Jay is Mr. Somani generals told you feel protected ... and diplomatic ... personnel year-end integer one of the above the Zionist entity flew to Syria ... a couple of months ago is actively harming the Assad regime against internal ... dissension or or strife in Syria ... if you travel to the tothe travel to place like London or Paris ... or is he kind of a ... persona non grata in the West ... he is the meaning is I'm U S ... sanctions list I believe he's on ... EU sanctions those are ... not what actor percent sure but ... yet in in Western capitals U Deathly have trouble and what was his fifties ... she's going to other into Iraq are into Syria ... it's pretty cold for stuff and Americans are actively ... trying to ... basically ... NPD any error or ... of ... maritime traffic into Syria right now we've seen ... the Turks grounds some ... of the remaining airplane which sanctioned ... earring in airlines and ship so ... his ability to get around outside of ... you know Iraq Syria ... some of these places ... I would assume the difficulties they now final question is he perceived as quoted quote ... successful at what he does ... I what I mean by that is what ... I mean the Arab Spring has happened ... despite whatever Mr. Sullivan's efforts might've been or might not in the end ... of the uprising in Syria is a being a real problem for the US of regime ... and I read acts ... more was his kind of moved in a ... positive kind of democratic um ... that direction ... this all in spite of a general so the money's efforts ... to weak team named a successor when he does or is he in fact the failure ... but the Iraqis would argue the radiance of the thirtieth activity you have a ... she I ... don't government in ... in Baghdad now that is ... very close to the ran on a number of ... issues and ... know the US military presence ... is gone so often that that I was a lot is now ... a much better positioned for in the rain Aeon's view that was before ... your item and aside falls and the huge blow to the Iranians up ... but his USO's NLP for sale last summer that the facades days were numbered and I ... don't hear that a more next year ... the scenes can be a launch law in the rain Aeon's and the Russians even ... be a very ... aggressive in keeping the arms flowing in ... and that's it ... I guess in some ways it's the Nope it's an open question why didn't ... you know that the Arab Spring so as a way to play out thank you very much a Solomon ... in DC with a Wall Street Journal check out his piece on WS J dot com now ... markets are getting shot lacked a day ... of all the very issue lacking ... perhaps the most brutal show lacking is ... the precious metals market Liam Denning of the hurt on the Street team ... is here ... to discuss with us ... the plummeting ... I he's lucky he's exaggerating ... what you do with a new video ... can eat try make it ideal for the viewer Gap ... plumbing Shell lacking in and they're ... going to see the ground yet I told them up three percent much ... so that about six per cent ... you know once upon a time goal was around ninety nine dollars now to sixteen hundred dollars about six all on the back of the Fed saying that a maybe ... not ease monetary policy I mean is that ... with this comes down to ... thirty knots in Maine ... I think the whole market was already pricing in a bigger expectation that the Fed is gonna do something I think the loss of the fact that ... you know when the Fed ... makes its press releases and gives the statements in a cage is the most sonically at the zoo was with the with ... and we've seen enough positive day on Mean elephants use economy's going to the moon but ... we seen enough positive date said that the Fed would really ... see you ... and of the buck was to justify another round of course a TV easing at this point the fact is ... the deal banking on the and and if you look at ... thing is that by the look that gold prices ... that basically went up last ... August which is one cute seat on the kiddos ... got off to the initial Sunday Kinder tunnel outlining wrapping that up and down ... and they need another another injection of of of TV to really get them up again now if you are going to ... when he hit the panic button when you freak out if your goal but I mean there are ... thousands and thousands of gold bugs out there ... there are many people in the followers of a ... you know a Jim Grant turning the hard money kind of ... proponents out there that I mean when you freak out when when it drops below sixteen hundred thousand roughly fifty different ... because you can because gold is based on faith you can always can get yourself a gold ... bull market right so the for the first of the falsity of questions he was on the real ... question here and crops only to extract ... if the incident ... the first to postpone the OS to customers of Euro two ago but ... the metal panic because you think that civilization is gonna end up one day you'll be proved right to be to ... give us looking ago rationally which you ready to leap of faith ... in the last time ... and what you're looking out for is whether this was when real interest rates start to rise ... so the minute we still had basically zero or negative real interest rates which is ... the interest rate minus the inflation rate ... the Keystone see rates rise and people are songs that talk about that now happening a bit ... early on ... because people have this fight ... the Fed is just on hold them down for Emma ... when you start seeing evidence of the building ... that's when you wanna get out don't because the cost of holding it will just become ... too much I knew from better off holding ... actual ... income generating ... assets like ... records ... okay ... final question ... are you bullish or bearish on price to go ... aam was bearish on your own bearishly and the return on the Street actually ... coming up next is the boss still the boss ... we will discuss ... and ... you know about the final four when it comes to ice hockey in the NC double A ... well I don't Matthew Futterman knows a lot about it ... I urge you ... to ... run ... don't walk ... to read his piece ... on on his alma mater Union College which apparently ... has legged division one NC double A hockey team and now it's a small liberal arts school write them to be seen that means that everything in its FDI ice cap the AG you were going back quite a few years you are skeptic when Union College ... announced basically of nowhere that they want to join the tea leaves ... only ... making the hockey ... right now leading academic nothing with any other sport when he came to ice hockey ... Union College want to be where ... you know what the top ... ranked why ... why why I think the idea would be known by the company's key ... and dad for a variety of reasons that you know being outspoken senior ... thinking that he knew everything about the world but it's it's it's an absolutely terrible idea ... you know before you know we're going to have ... also it's crazy and it's a recruiting scandals would cost it a terrible thing going on this fine ... as he did the HIV Gannett Co it turned out that when ... not hasn't and had the added cost out of the ice hockey team is is the first fundamental final four ... yes yes this is taken unfair something I always called the frozen frozen for your frozen form with a plan to plant their Eesti conjures the economy and in-and-out is a God is in Tampa Florida tonight ... I don't know where is fair estate located essentially seeking ... a sponsor me like Whole are burning yell this was the the the the big ice hockey well they've had two surprises in the end the day was the youth exco site Bemidji de Saint cloud State ... by some very smart and links to carry instates and very ... soon on a fairly small but steady unknowns will have around one ... and only about half the planet with the keys there was at Union College of records yet so putting aside in the school crosses some smaller schools as well when the crunch they crushed Harvard's record ... Harvard you know he has put together some pretty good hockey team so Unicom's must be doing something right the sheer ... what are they doing something right to the draft with a dress all freshmen are leaving to join the NHL nine Nexteer one thing ATT was the isthe in and only the New York he did get twenty D County ... it's a young stud named Jimmy Watson has twenty seven goals ... and said that their leading scorer this year and the point comes to hockey does not unlike MT Canadians meanwhile are now the chair on Mean Street in a new kind of ... he's done this band called Buccan a confessional in the Wall Street Journal ... will you going Cameron apologized for the past president of Union College ... who you question when you are senior many years ago in college for his judgment for ... trying to bring Union College up the ranks of all time hockey great schools not only live content here but I interviewed him yet and I and II days directly to him ... yet in a December I continue to drive your car you were you were right hand side to the system not just on twenty one years ago so you do you fully work and your position ... well there's still a nice guys to school and then granted it to me they did give me the strand and wanted to weaken over fifty thousand dollars the year ... which we can import ... payment anybody's need a tear this point in this country right um so they they are sinners financial aid but no ... over two decades the haven't had a major scandals ... I and they're they're probably a more desirable school than there were twenty one years ago you all the or whether it's worthwhile right ... one final question and prediction ... Matthew Futterman ... final question ... there's there's the famous winner in their heads in the memorial which the Saudis in the debate I remember them from the way we where in you mention that I think they can show them they still ran into its final question production are you going to Tampa ... and willing college ... take the championship in the frozen four I am not going to Tampa and at this point I am Pall and honesty ... there you have Matthew Futterman with his confession ... now ... turning to other matters ... important matters ... this in the world of entertainment ... and Bruce Springsteen opening last night in New Jersey at the odds-on Center which once upon a time as Bruce joke last night apparently he's been called a Brendan Byrne Arena ... we have an all star panel ... Jim Fusilli ... music critic your the Wall Street Journal and Jonathan Cheng fanatical Bruce Springsteen said one of the show last night ... does the boss still haven't done the still bring it ... Jonathan Cheng Yu Ren show yes or no TV bring it last night due to ... the broader listening now ... Jim Fusilli ... as the esteemed pop and rock music critic your the Wall Street Journal ... you get to go to a lot of the show he did not go as nine ... when he went to the Apollo show which we think is the opening kickoff show ... couple weeks ago ... does the boss still average increase your way ... he's the boss still but for this reason the news that both impacts ... again that we're gonna go there ... the first one to just touch on the show last night was a slow start Jonathan was that they were Christ did not really bringing in the first hour or so you were concerned ... but any broadening the and ... the real material more for you to really get to this which is the key to the new material work for you to work the antics of the most advanced clearly knew the stuff ... they came prepared ... um they're willing to embrace it he did the songs from the new album ... he ... meet the ... new stuff has never given in favor of stuff that's true of any artist and or one of the Korean so ... now with that in mind I thought that it embrace it until the momentum ... aam but ... it also didn't get Assad to resign because he opened two songs from the welcome address you can ... tell you that the wind is really really came into profit on I wasn't able to prove that all my ... NetJet to ceiling ... you what I read a little ... test fights over Bruce Springsteen ... time one of those old time Santa gets excited when it does last ... month ... where you know while Bailey circus which yet that for decades ... due on the other hand could appreciate ... the the faculty ever involving Bruce Springsteen show will ... I'd love ... to agree ... with this Korean a violent announcement is over ... for the things that he does need them into ... that that what he brings you to the ... mean ... this seventeen piece band and now it's just not a bunch of people stood in the state ... he uses them quite well and increases for guitars plane ... to doing interesting things ... the reason he still mobile apps ... is because ... he's trying to show the true artists ... the ... new ... and yet still speak to the truth is right and it's ... very it's a tough ... job or not to reveal that that ... that that that's the problem for new estate or the previous one was from the famous seventy eight or ... which Atif and the young thirteen year old impressionable thirteen year old enjoyed ... believe it or not in those days Jonathan ... was the absence of clan's clan and spurred Danny and Danny Tanner isn't that something you've known me talk to him showed it yet and it's up in its TV clearly it is making on the theme of the shows here he ... conspicuously asking them to have everyone there and when ... the crowd chants know that ... Claire Nasr and not us but his nephew Jake ... has stepped in very deeply ... he is not only to female and although all the parts ... to foot the one to my ... resolve some or the money's coming out five new entering the you can see him interacting with the audience and to ... talk about the political Bruce Springsteen he made some comments last night as I stand in gym ... of ballots ... on you know times are tough out there and ... you know he's alluding to the Trayvon Martin case of the last time he actually spoke directly to that ... a few months ago ... you think that that that helps to more interested in these growth is a dollars Jim ... well I don't see those as political issues and social issues ... he's the Social songwriters since darkness ... once you stop reading about other people's observation of experiences that are reading this and for presents its ... euro socially ... in fact it doesn't help very much present and future Mr. this audience that disagrees with what they perceive to be his politics was that when I said he ... wouldn't let me and that the thing I caught myself I can show you I mean ... it ... you know he writes about ... he's very much in the traditional Greek to me and and and other social songwriters ... and and and a lot of times is audiences want ... right doesn't it does and does it anywhere in the sense that ... as the top row we went to Somerset once I thought by the way that ... the folks in Philly get much better show the muted one guidance on the weekend again tonight what I thought ... he basically ... you know Bruce is known to God for robo calls are rows of media ... you can have ... to look askance at that he doesn't think that he is going to play his new material and that's what he did last night I think is going to the rest of it or will the interesting thing about percentages told clients from ... his ... clients had had to grow ... the street and ... after we drove ... that's right I mean Bruce actually had to work very hard to integrate Clarence into the band wants ... even in R and D and started playing more rock and country rock ... but what is doing with the full one section ... is fantastic ... I saw the month of August Allen show I was a fantastic we gotta run ... in the final question ... to both the euro ... are you going anymore really shows in the coming weeks the ceiling no ... not omelets I get on to the data center one of the Buffalo Museum next week all my attention to Sealy Genevieve and thank you very much will be back tomorrow I'll have a great afternoon everybody ... I ... the ...